ByteOnBikes@slrpnk.net to Fuck Cars@lemmy.worldEnglish · 7 days agoAs a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃slrpnk.netimagemessage-square236fedilinkarrow-up1653arrow-down145
arrow-up1608arrow-down1imageAs a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone 🙃slrpnk.netByteOnBikes@slrpnk.net to Fuck Cars@lemmy.worldEnglish · 7 days agomessage-square236fedilink
minus-squaredaellat@lemmy.worldlinkfedilinkEnglisharrow-up1arrow-down5·edit-26 days agodeleted by creator
minus-squarematpro@lemm.eelinkfedilinkEnglisharrow-up9arrow-down1·6 days agoYour math is ignoring compound interest. 40 years of monthly installments of 554 earning 8% would ultimately compound to $3.2M
minus-squareArcherwell@feddit.orglinkfedilinkEnglisharrow-up2arrow-down1·6 days agoYour calculation is ignoring inflation adjustment. net interest rate would be %4 at most.
minus-squareChekhovs_Gun@lemmy.worldlinkfedilinkEnglisharrow-up4arrow-down1·6 days agoHe’s not suggesting to put that $554 under your mattress. He means to put it in some sort of retirement account, where that sweet sweet compounding interest goes to work.
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Your math is ignoring compound interest. 40 years of monthly installments of 554 earning 8% would ultimately compound to $3.2M
Your calculation is ignoring inflation adjustment. net interest rate would be %4 at most.
He’s not suggesting to put that $554 under your mattress. He means to put it in some sort of retirement account, where that sweet sweet compounding interest goes to work.